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IFAC responds to Monitoring Group consultation

  • IFAC (International Federation of Accountants) (lt gray) Image

May 08, 2012

The IFAC has released its response to the Monitoring Group public consultation on the governance of the Monitoring Group, the Public Interest Oversight Board (PIOB), and the standard-setting boards and compliance advisory panel operating under the auspices of IFAC.

The Monitoring Group (MG) and the PIOB released their consultation papers in March 2012.  The closing date for submissions was June 28, 2012.

Some of the key points noted in the IFAC submission include:

  • IFAC strongly supports the notion of private sector/public sector shared arrangements for international standard setting and believes there are risks associated with any change to a set of arrangements that has no private sector input.
  • IFAC does not consider that the development of auditing and assurance, ethical, and education standards is done “for the accountancy profession” (as asserted in the MG consultation document), rather IFAC believes that standards are developed with a broad group of stakeholders and interested parties in mind, in a manner consistent with current arrangements that were agreed upon between IFAC and the international regulatory community.
  • IFAC considers it critical to ensure that the legitimacy and acceptance of IPSASs are further enhanced through the existence of public oversight. Accordingly, IFAC strongly supports and encourages public oversight of the IPSASB through bringing it under the purview of the PIOB.

More information is available on the IFAC website.

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